Baltic Sea Freight Index Falls For Second Straight Week

53

A recent news article published in the Yahoo News states that Baltic sea freight index logs second straight weekly fall.

Tracking rates for ships

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a second straight week on Friday, dragged down by declines across all vessel segments.

The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was down 26 points, or nearly 1.2 %, at 2,214 points. The index posted a weekly fall of about 5%.

Capesize Index

The capesize index lost 53 points, or 2.2%, at 2,381 points, down about 0.6% for the week.

Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $445 to $19,745.

Sharp global economic downturn

Meanwhile, iron ore and steel prices tumbled on Friday as prospects of a sharp global economic downturn fanned fears of a slump in demand for commodities.

The panamax index was down eight points, or 0.32%, at 2,477 points, which took its second straight weekly fall to about 8.1%.

Daily earnings for panamaxes

Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, decreased $72 to $22,297.

The supramax index fell 16 points to 2,290 points, registering a sixth straight weekly fall of 6.5%. (Reporting by Deep Vakil in Bengaluru; Editing by Shinjini Ganguli)

Did you subscribe to our newsletter?

It’s free! Click here to subscribe! 

Source: Yahoo Finance

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.